Funding to help young entrepreneurs

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YOUNG people in West Suffolk are being encouraged to turn their business dream into a reality through a new funding scheme.

Tim Meadows-Smith, Suffolk Start-Up Champion, who recently organised a one day business conference for new and start up businesses in Bury St Edmunds, is backing the £82 million national start-up scheme.

Under the scheme, 18 to 24-year-olds can get a £2,500 loan to be repaid within five years, at a rate of RPI plus three per cent.

Those on the scheme will also receive a year’s free business mentoring and a free copy of the book StartUp Loans Kits.

Lord Young of Graffham, the Prime Minister’s enterprise adviser, launched the scheme at Westminster Kingsway College.

He said: “There are one million young people out of work.

“By opening up funding which will cover the cost of starting up, we hope to create an environment where setting up on your own is viewed widely as a real and valid career choice.”